Overcoming The Retail Sales Slump

Experiencing a sales slump in your store?

Every decline in sales can make you tear your hair out.

you are trying marketing...

you are investing in your team...

but nothing seems to be working...

A whole of host of external and internal factors could be at cause here, as a retailer, this is the perfect opportunity to get unstuck out of the panic mode and start to revisit the fundamentals of your business, of retailing...

Here are the 3 main things you should be doing if you are experiencing a sales slump in your retail store and you are in panic mode...

1. Look At Your Data

Typically, us retailers are not good at this stuff. But, we literally have a shit ton worth of data at our finger tips to help us understand what is happening under the hood of our stores.

From understanding our cashflow to diving deep into our sales mix, this is the time to get all Sherlock Holmes on your store. Small tweaks as a result of understanding all your numbers will have a big impact.

2. Drive That Average Dollar Sale

As a business coach for retailers, I see this all the time....such a missed opportunity. Ok, so your sales are down, while we are doing step #1 , lets help the current customers walking into our store to solve the problem they came in for. Sounds simple enough...but to execute this requires a little planning and follow through...you know...like training your team, organising the pizza for the training, and the follow up debriefs...

3. Lets Dance Strategically

So, we have looked at our POS (hopefully), we are tracking our Cashflow (hopefully) and we are now working with our team to drive our average dollar sale (hopefully)....what next?

Lets analyse your ideal clients.

Many retailers are often all things to all people. By looking at our data, we can really start to serve our ideal clients/customers and start to do the little things that make a difference to our target market: you know, like remerchandising, retraining, looking at our ordering etc.

By combining these strategies, you can boost your retail sales, improve customer satisfaction, and strengthen your business, even when you are in a sales slump.

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